The terms of the home mortgage loans will change slowly, like inside a certain trend, and are thus quite easy to follow. The home mortgage loans are very important to the economy because the housing industry is so big part of it.
The ideal situation to take home mortgage loans in general is, when the interest rates are down, the home prices also and the financial future of the borrowers looks good. Then it is wise to take a long mortgage loan with a fixed interest rate. If something bad happens, you can always refinance the loan.
1. Rates Will Rise.
At this writing the recession has just been passed, the interest rates are close to zero, the economy is rising and the home prices are still down. This is historically a good time to take a new mortgage or to refinance the old ones. Or to change into a fixed rate mortgage with a long payment time. But the rates will rise, so it is wise to calculate the costs with 2 % points higher interest rate
2. There Is No Hurry.
Usually the borrowers are in a hurry, when they want their mortgages. But that is not wise, because the secret is to follow the market for a long time and to get a touch about the terms. When the best mortgage loan rate comes, the borrower is ready.
3. After The Recession There Is A Lot To Choose From.
Today the storage of the unsold homes is big. This means that the demand is smaller than the supply, which has pressed the prices down. When the loan terms are also down, this is an ideal time to take a loan and to buy a home.
This is also the time for bargaining. Offer cash prices, which are lower than the quotes, because the sellers are in trouble and want to sell quickly to be able to start something new. You have to make a lot of offers, because the sellers also know, that the sale can take time.
5. Use Cash, Market Is Still Down.
Cash payment is the king, when the seller is in trouble. It also means that the seller will save expenses, because everything can happen so quickly. It is wise to meet the seller with 50.000 dollar cash money in the pocket just to show, that you are serious. And promise to pay the rest also quickly, if the seller does the deal in that same meeting.
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